strange behaviour with master page content place holders?

<asp:Content ID="BodyContent" runat="server" ContentPlaceHolderID="MainContent">
    <h2>
        Welcome to ASP.NET!
    </h2>
    <p>
        To learn more about ASP.NET visit <a href="http://www.asp.net" title="ASP.NET Website">www.asp.net</a>.
    </p>
    <p>
        You can also find <a href="http://go.microsoft.com/fwlink/?LinkID=152368&amp;clcid=0x409"
            title="MSDN ASP.NET Docs">documentation on ASP.NET at MSDN</a>.
    </p>
    <%if (true)
      {%>
       <%@ Register ...